Dec 11 (Reuters) – Cryptocurrency firm Nexo is acquiring Buenbit, an Argentine trading platform, as it targets growth across Latin America, it said on Thursday. Nexo, which earlier this year announced it would return to the United States after leaving the market due to $45 million in regulatory fines, has cozied up to the Trump […]
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Crypto firm Nexo purchases Argentina’s Buenbit in Latin America expansion
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Dec 11 (Reuters) – Cryptocurrency firm Nexo is acquiring Buenbit, an Argentine trading platform, as it targets growth across Latin America, it said on Thursday.
Nexo, which earlier this year announced it would return to the United States after leaving the market due to $45 million in regulatory fines, has cozied up to the Trump family, meeting with the president and his son, Don Jr., in recent months.
The Cayman Islands company that offers crypto-backed loans, trading tools and a crypto exchange did not provide financial details of the acquisition.
Buenbit is registered through Argentina’s securities regulator and operates in the South American country as well as in Peru, boasting more than 1 million clients, according to Nexo.
“As part of its multi-year strategy for the region, Nexo will develop Buenos Aires as a regional hub for future partnerships and investments across Argentina, Peru and Mexico,” the firm said in a statement.
Argentines have turned to digital currencies in recent years as a hedge against high inflation, which has come down from the once eye-popping triple digits.
The nation’s central bank is considering allowing traditional banks to trade crypto, local newspaper La Nacion reported last week.
(Reporting by Kylie Madry; Editing by Kirsten Donovan)